Top 3 Most Common Inventory Control Policies

The Smart Software

The post Top 3 Most Common Inventory Control Policies appeared first on Smart Software.

Reveal Your Real Inventory Planning and Forecasting Policy by Answering These 10 Questions

The Smart Software

In this blog, we review 10 specific questions you can ask to uncover what’s really happening with the inventory planning and demand forecasting policy at your company.

Develop a Stocking Policy

Demand Solutions

And that leads me to the point of this article: your company needs a clearly defined stocking policy that guides decisions like these. If you’re serious about reducing inventory, you need a stocking policy that you can put down on paper and refer to throughout the year.

What’s new in the automotive supply chain? (Hint: Inventory Replenishment Policies)

The Network Effect

Today I want to explore how automobile suppliers are improving their operations via inventory replenishment policies. Effective inventory replenishment policies in use today include the 830/862 converted to a delivery release, KanBan, Min/Max, and Sequencing.

Stop Leaking Money with Manual Inventory Controls

The Smart Software

An inventory professional who is responsible for 10,000 items has 10,000 things to stress over every day. The post Stop Leaking Money with Manual Inventory Controls appeared first on Smart Software.

How to Create Successful Returns Management Practices & Policies

Veridian Solutions

Retailers around the globe are working to create successful returns management practices to meet the demands of consumers, and today’s supply chain leaders need to understand how to create successful returns strategies, including policies that align with e-commerce. Consumers will turn to competitors for their purchases, even if it means paying a premium for free, easy returns policies. In other words, the policy itself impacts customer experiences and profitability.

If there is a recession, you should …

The Smart Software

Continuously update your inventory control parameters: reorder points, order quantities, safety stocks, mins, maxes, lead times. Beyond that, you should be updating your inventory strategies.

America First: How a New Slew of Trade Policies Will Impact Supply Chain

Elementum

If this is not yet possible, then building up an inventory of key components is a good short-term solution. The Trump Administration’s trade policies have already incited backlash and retaliatory measures by other nations, and forced several key industries to reassess their global supply chain strategies. policy china trade international trade USUS manufacturing activity dropped slightly in March.

Segmenting Your Inventory by Gross Margin and Demand Variability

ToolsGroup

Gartner Research analyst Paul Lord has developed a thought-provoking approach (shown in the above diagram) for tailoring supply and inventory tactics to different inventory segments. As we showed in a previous blog, it’s not the only way to segment your inventory, nor nearly the best.

Three Key Themes in the New Inventory Optimization Vendor Ranking

ToolsGroup

The 2018 Nucleus Research Inventory Optimization (IO) Value Matrix Report has just been released, and analyst Seth Lippincott identifies the latest technology trends, top inventory optimization solution providers, and the strengths and weaknesses of each vendor. Inventory Optimization

Why probabilistic forecasting is better for inventory optimization

ToolsGroup

In this post we’ll explore how probabilistic forecasting not only creates better forecasts, but also improves inventory optimization by improving the stock levels at store and warehouse locations in your distribution network.

America First: How a New Slew of Trade Policies Will Impact Supply Chain

Elementum

If this is not yet possible, then building up an inventory of key components is a good short-term solution. The Trump Administration’s trade policies have already incited backlash and retaliatory measures by other nations, and forced several key industries to reassess their global supply chain strategies. policy china trade international trade USUS manufacturing activity dropped slightly in March.

The Future of Inventory Management

Kinaxis

by Andrew Dunbar This post concludes my inventory management blog series. Inventory management is not a stand-alone business process that occurs after other processes are complete. How does your inventory manager’s role compare to the one I’ve described here?

Five Types of Inventory Optimization You Should Know

ToolsGroup

Inventory configuration is usually the predominant issue in most manufacturing environments. Inventory policy is usually the predominant issue in most distribution environments. This risk pooling approach frequently requires less inventory.

Inventory Optimisation for Greater Inventory Control

Unleashed

The biggest challenge of inventory control is getting the balance right, to meet the challenge of matching supply volumes to customer demand and with any good enterprise or activity, it usually pays to start with the basics. Inventory optimisation basics. Unique, short and unmistakable numbers for inventory items. An accurate beginning counts of all inventory stock. Software to track inventory activity in real time. Robust inventory control policies.

Are you ready for the fallout? How proposed US trade policy changes will impact your end-to-end supply chain

Kinaxis

by Alexa Cheater Love them or hate them, it’s hard to escape the proposed sweeping changes to America’s trade policy put forth by US President Donald Trump. But what impact will his trade policy changes have on your end-to-end supply chain?

What is Inventory Optimization?

EazyStock

What is inventory optimization? You’ve heard of inventory management, and you probably already have some inventory management practices implemented in your supply chain. So what is inventory optimization? Inventory Optimization will make you more competitive.

10 Commandments of Inventory Management

Supply Chain Opz

Inventory management is one of the most important tasks for supply chain management professionals. However, most inventory control theories are too complicated or too difficult to apply to real world situations.

Inventory Management Levers – Success Through Collaboration

Kinaxis

by Andrew Dunbar So you’re an inventory manager, and your CFO just asked you to reduce inventory by 10% before year end to free up some capital for next year’s big investment in R&D. Figure 1: The theoretical on hand inventory level of a single item.

Reveal Your Real Inventory Planning and Forecasting Policy by Answering These 9 Questions

The Smart Software

In this blog, we review 9 specific questions you can ask to uncover what’s really happening with the inventory planning and demand forecasting policy at your company.

SanDisk’s Story of Customer Segmentation Strategies Using Inventory Postponement

Supply Chain Shaman

How will the policy be executed? Today, there is not a well-defined template on how to build and operate a supply chain defined by customer policy and segmentation strategy. Platitude: a flat, dull, or trite remark, especially one uttered as if it were fresh or profound.

Riding the Tradeoff Curve

The Smart Software

At one extreme, you can grossly overstock and never run out until you go broke and have to close up shop from sinking all your cash into inventory that doesn’t sell.

Taking a Holistic View on Inventory May Lead to Change in Strategy

Talking Logistics

Inventory optimization has always been a challenge while designing and planning a supply chain. A variety of barriers can impact an effective inventory strategy, such as working in functional silos and demand/supplier volatility¹. Asking the Right Inventory Questions.

How to Tell You Don’t Really Have an Inventory Planning and Forecasting Policy

The Smart Software

You can’t properly manage your inventory levels, let alone optimize them, if you don’t have a handle on exactly how demand forecasts and stocking parameters (such as Min/Max, safety stocks, and reorder points, and order quantities) are determined. Many organizations cannot specify how policy inputs are calculated or identify situations calling for management overrides to the policy.

Optimum Omnichannel Inventory Control

Unleashed

As with any retail company, inventory represents a large amount of tied up cash, or assets as it were, and if mismanaged, this can be a significant area for loss. Therefore, managing omnichannel inventory is extremely important for preserving the bottom line, increasing profits and keeping those shareholders happy. Let us dive in and consider some of the obstacles to flawless omnichannel inventory management. Methods to implement for optimum omnichannel inventory control.

Removing the Two Barriers to Optimizing Inventory

Logility

Supply chain leaders often find themselves in a difficult situation when it comes to the conflicting goals of improving customer service and minimizing inventory. Companies that embrace Multi-echelon Inventory Optimization (MEIO) achieve, on average, a 28% increase in inventory turns.

Why inventory management should be a company-wide conversation

Kinaxis

by Alexa Cheater Don’t get caught having your company’s inventory management conversation alone! Re-evaluating your inventory management practices can help you overcome rising supply chain costs, increasing customer demand and the growing complexity of global operations.

Ten Tips that Avoid Data Problems in Software Implementation

The Smart Software

Once a customer is ready to implement software for demand planning and/or inventory optimization, they need to connect the analytics software to their corporate data stream.This provides information on item demand and supplier lead times, among other things.

Webinar: 10 Questions That Reveal Your Company’s True Inventory Policy

The Smart Software

WEBINAR: Demand planning, forecasting, and inventory planning need to be well-defined processes that are understood and accepted by everybody involved. The post Webinar: 10 Questions That Reveal Your Company’s True Inventory Policy appeared first on Smart Software. Please join our webinar featuring Greg Hartunian, CEO of Smart Software.

Don’t Take a Holiday from Inventory Management

Talking Logistics

The Importance of Inventory Management. When it comes to inventory management, new trends are demonstrating that less is more. Having less inventory on-hand increases liquidation, allowing for a more agile response to shifting consumer trends. Companies that have too much inventory on-hand right now are struggling to clear out space ahead of the season, slashing prices and concerning stakeholders as profit margins creep downward.

Creating an Actionable Plan for Unlocking Working Capital with Inventory Optimization

Arkieva

For many companies, the term “inventory optimization” has become more of a catch phrase than an actual reality. The idea of cutting inventory costs while maintaining the same level of customer service is rather elusive. Hence, reducing the need for an excess in inventory.

Why Individual Retail Stores Shouldn’t Order Their Own Inventory

ToolsGroup

In the old days, each store knew best what inventory it needed to keep shelves stocked and customers satisfied. Years ago in some organizations, central planning got a bad name when companies blindly enforced the same policy on disparate stores in diverse markets with different needs.

Are you getting the most out of your inventory management process?

Kinaxis

by Andrew Dunbar Inventory is often the single largest asset on a company’s balance sheet and your inventory management process can have a huge impact on your organization’s bottom line. Finance and business management will prioritize inventory reduction to increase profitability.

Inventory Optimization: How to Handle Slow Movers

Supply Chain Nation

You may be wondering why the number of raspberry gourmet coffee boxes Kroger has in their inventory at their store in rural Georgia even matters, but it does and here’s why: Inventory management is a critical part of every company’s supply chain and is a large part of the operating costs in all industries. Handling inventory of fast movers, items that are sold quickly and in large amounts, is very well understood.

Optimising Inventory Control in Multichannel Businesses

Unleashed

With better inventory control and optimised management, your multichannel operation can perform at a higher level and meet customer expectations. Integrating inventory control with suppliers. Integrating your supply chain with your inventory control method is crucial for improving the consistency of your product supply. Improved inventory control is ultimately affecting your customer experience. Ensuring reverse logistics policies.

5 Considerations When Evaluating your ERP system’s Forecasting Capabilities

The Smart Software

Blog Business Policy Demand Planning Excellence in Forecasting Inventory Optimization Operational Analytics demand planning implementations ERP inventory modeling inventory optimization kpi metrics order management probabilistic modeling statistical forecasting supply chain analyticsConsider what is meant by “demand management”, “demand planning”, and “forecasting”.

The Ins and Outs of SDE Analysis in Inventory Management

Unleashed

Inventory control encompasses all aspects of managing a business’ inventory stock, from purchasing, shipping, receiving, tracking, warehousing and storage, turnover, and reordering. Inventory control is such a critical function for many businesses spanning every industry. Without effective inventory control methods, the supply chain can suffer , you risk not being able to meet customer demands adequately, and your business’ bottom line will reflect this.